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ARCHIVE | Criteria | Structured Finance | ABS: Are The Cameras Ready To Roll On Securitizing "The Movies"?
Standard & Poors, Oct 1997
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research Type: Commentary
Criteria articles describe the thought process and methodology Standard & Poor's analysts use in determining ratings. These commentary pieces discuss both the quantitative (economic and financial) and qualitative (business analysis and caliber of management) aspects of the analysis, as well as legal issues.
Abstract
Hollywood and entertainment have been a thriving and successful couple for the past 80 years. Entertainment is now the second-largest export of the U.S. With annual revenues in excess of $17.5 billion, about $6 billion of which was from box office gross in 1996, the film entertainment industry is big business (see chart 1). Characterized as intensely competitive and capital intensive, one of the intriguing aspects of the film entertainment industry is its resilience to economic duress. Although anyone can enter the business, few can boast survival, let alone success, because of the enormous capital demands needed to maintain production well before a completed project generates a cash return. Nevertheless, this industry continues to grow. Movie studio revenues have grown...
Companies mentioned in this report are: Seagram Co. Ltd. (The),United States of America (Unsolicited Ratings),News Corp.,Sony Capital Corp.,Walt Disney Co. (The),Historic TW Inc.
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